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Lithuania Makes Millions in First Sale of Seized Cryptocurrency
The sale of bitcoin, ether and monero brought in €6.4 million, or $7.5 million.
Updated Sep 14, 2021, 10:34 a.m. Published Nov 24, 2020, 1:57 p.m.
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The tax department in Lithuania has sold off confiscated cryptocurrencies for the first time, bringing in €6.4 million, or $7.5 million.
STORY CONTINUES BELOW
- As reported by local news source Delfi on Tuesday, the State Tax Inspectorate took a day to exchange quantities of bitcoin, ether and monero.
- "The whole process for the tax administrator was new, starting with taking over the confiscated cryptocurrency and ending with its implementation," said Irina Gavrilova, a representative of the tax department.
- The Tax Inspectorate gained possession of the digital assets in February, according to the report.
- No details were provided on why the cryptocurrencies were seized.
See also: US Seized More Than $1B in Silk Road–Linked Bitcoins, Seeks Forfeiture
